2356 GMT - Wesfarmers Managing Director Rob Scott tells reporters that Australia isn't economically "out of the woods" despite a rate cut this week from the central bank. Cost challenges remain, including from a lower Australian dollar, but the company's portfolio is in good shape, he says. For example, the new and expanded ranges are growing hardware chain Bunnings's addressable market, he says and remains confident of the potential for Wesfarmers's newer businesses, like lithium and consumer health, to deliver attractive returns in the medium term. Wesfarmers has made "meaningful progress across the portfolio to set the group up for growth," he says. Wesfarmers posted a 2.9% rise in net profit for the half year. The stock is 1.8% in recent trade. (mike.cherney@wsj.com; @Mike_Cherney)
(END) Dow Jones Newswires
February 19, 2025 18:56 ET (23:56 GMT)
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